“The rumors from last week about Apple being ‘on the edge’ of launching a cloud movie service, which would enable iTunes users to stream movies from Apple’s servers and then re-download them to other devices, are at best premature,” Greg Sandoval reports for CNET.

“Apple has yet to sign cloud agreements for feature films with at least four of the top six film studios, according to multiple film industry sources who spoke to CNET,” Sandoval reports. “Apple has indeed pursued such agreements, which CNET reported in May, but Apple’s negotiations could drag on for months before the company acquires cloud rights from all six film studios, the sources said.”

The legacy video content, mainly the classics, will be important for a long time to come. But new content is important, too. Perhaps Apple should take a page from HBO’s approach, and fund their own movies. Apple Studios…sounds good to me. Or, they could buy a controlling share of Disney, which also owns a lot of important legacy video content.